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US business groups say Trump's tariffs cost $1.4B a month

A coalition of U.S. business groups sponsored an advertisement saying U.S. President Donald Trump's trade tariffs are costing companies and consumers $1.4 billion a month, according to Reuters.

The coalition said it found a 45% rise in tariff costs across the U.S. in August compared to August 2017. Tariff costs tripled in Michigan in the same period, while they more than doubled in states such as Illinois, Texas and West Virginia.

Focusing on members of the U.S. Congress, the coalition has planned a series of town hall meetings across the country, including an event in Pennsylvania where it intends to present data showing that the state's businesses paid an additional $45 million worth of tariffs in August compared to a year ago.

It also plans to launch a digital advertisement accusing the Trump administration of downplaying the cost of tariffs.

The coalition, which was established by more than 100 U.S. industry groups in September, includes the Retail Industry Leaders Association, the National Retail Federation and the American Petroleum Institute Inc.

Trump has threatened tariffs on an additional $276 billion worth of Chinese goods, after imposing tariffs on Chinese products worth $250 billion and on global steel and aluminum imports.